· Dow ends modestly higher as Wall Street looks beyond civil unrest to hopes for economic recovery
U.S. stocks booked modest gains Monday, after retracing losses earlier in the session, as the potential for an economic rebound overshadowed strife in American cities that has sparked chaos and curfews.
Investors also monitored Sino-American trade tensions and efforts in the U.S., and much of the world, to overcome the COVID-19 pandemic.
The Dow Jones Industrial Average DJIA, +0.36% rose 91.91 points, or 0.4%, to finish at 25,475.02, after trading negative at the start of Monday’s session. The S&P 500 SPX, +0.37% rose 11.42 points, or 0.4%, to end at 3,055.73. The Nasdaq Composite COMP, +0.65% added 62.18 points, or 0.7%, to close at 9,552.05.
· European markets close higher as economies reopen; protests erupt across the U.S.
European stocks closed higher on Monday as lockdown measures eased across the continent, while protests continued throughout the U.S. following the police killing of George Floyd, an unarmed black man, last week.
London’s FTSE 100 provisionally closed 1.5% higher, while France’s CAC 40 climbed 1.4%, Italy’s FTSE MIB gained 1.8% and Spain’s IBEX was up 1.8%. Markets were closed in Austria, Denmark, Germany, Norway, Sweden and Switzerland for a public holiday.
Investors around the world focused on widespread civil unrest unfolding in the U.S. Hundreds of people were arrested over the weekend as protesters and police clashed in cities across America after the killing of George Floyd sparked more than 100 protests, rallies and vigils, according to NBC News.
· Asia Pacific stocks trade higher as U.S.-China tensions linger
Stocks in Asia Pacific edged higher in Tuesday morning trade as tensions between the U.S. and China continue to linger.
In Japan, the Nikkei 225 added 0.51% in early trade while the Topix index gained 0.52%. South Korea’s Kospi also edged 0.18% higher.
Elsewhere, the S&P/ASX 200 in Australia traded fractionally higher, with the Reserve Bank of Australia set to announce its interest rate decision at 12:30 p.m. HK/SIN.
Developments on recent tensions between the U.S. and China likely continued to be watched by investors on Tuesday.
Reuters reported Monday, citing sources, that China has told state-owned firms to pause on purchases of soybeans and pork from the U.S. That came on the back of U.S. President Donald Trump’s recent announcement that he would begin taking action to eliminate Hong Kong’s special treatment, following China’s approval of a controversial new national security bill for the city.
Reference: CNBC, Reuters
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